중요성 개념에 대한 최근 논의와 향후 전망

This paper reviews recent discussion about concept of materiality and prospects future development of concept of materiality. Materiality is important concept which is widely used in entities’ preparing financial statements, auditors’ auditing and regulators’ audit supervision. Therefore, accounting standards or guidance for materiality is also very important issue not only in accounting standards but also auditing and audit supervision. Recent direction and discussion about materiality is summarised as followings. First, there is diversity in practice of applying the concept of materiality and guidance or educational material for materiality is needed. Second, professional judgement of entities and auditors is necessary and both quantitative and qualitative factors should be considered when applying materiality. Third, problems caused by undue disclosure which are not relevant for users’ decision making and burden for entity can be addressed by appropriate applying materiality. Fourth, in order to improve disclosure by appropriate applying materiality, cooperation of entities, auditors, users, accounting standards setters and regulators is necessary. Fifth, materiality is important factor which should be considered not only for traditional financial reporting but also reporting of non-financial information, sustainability reporting, corporate social responsibility reporting and integrated reporting. Sixth, If we use recent corporate data processing technology such as big data and artificial intelligence, distinction and aggregation of line items by materiality can be easier than now and relevant information required by users can be disclosed effectively. Empirical analysis about the relationship between materiality in accounting standards and materiality in auditing and judgement of materiality from preparers’ perspective could be research subjects in the future because most researches about materiality so far have focused on empirical analysis for judgement of materiality in auditing from auditors’ perspective. Currently accounting standards setters, auditing standards setters and international organisations have been discussing actively about the concept of materiality and its application and published research papers and developed new standards or amended current standards. We need to monitor accounting standards and auditing standards related to materiality which will be published in the future and prepare in advance their impacts on entities’ practice of preparing financial statements, auditors’ auditing process, users’ way of using information and regulators’ regulation